The tokens have since plummeted in value, dropping 86% since their August 2021 peak when Messi announced the Socios partnership, raising fears for average sports fans vulnerable to huge losses. Messi himself previously agreed to take part of his salary in $PSG fan tokens, a cryptocurrency developed by blockchain sports platform Socios for Paris Saint-Germain, as part of his two-year contract with the club. American football quarterback Tom Brady took a stake in the crypto exchange FTX, which on Tuesday agreed a sale to rival firm Binance after experiencing a liquidity crunch. French soccer player Kylian Mbappe and American tennis legend Serena Williams have previously announced tie-ups with Sorare. The partnership with Sorare adds to a slew of notable deals between sports stars and crypto platforms. It has expanded beyond its core focus on soccer recently into other sports, including basketball and baseball. The Paris-based startup, which was last valued at $4.3 billion, has more than 2 million users in over 185 countries and is partnered with over 300 sports teams and leagues including Spain's La Liga and Germany's Bundesliga. Sorare says this creates "digital scarcity" for each card. The cards are themselves nonfungible tokens, or NFTs, virtual collectible items that keep a record of ownership that is tracked on the blockchain. Sorare lets users trade digital player cards and manage teams of five in fantasy soccer tournaments. "We believe Messi will help us set new standards in how we do this, and we look forward to sharing what new content and fan experiences we've been collaborating on soon," he told CNBC via email. Nicolas Julia, Sorare's CEO and co-founder, said the partnership with Messi marked a "huge milestone" for the company. Messi has taken an equity stake in Sorare as part of the deal, the company said, without expanding on the size of his holding or other terms. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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